Office

Bank of America Renews 194,000 SF Office Lease in Charlotte

by John Nelson January 30, 2017

CHARLOTTE, N.C. — Bank of America has renewed its 194,000-square-foot office lease at 525 North Tryon, a 19-story office building in Uptown Charlotte. Charles Jonas and Meredith Ball of Foundry Commercial represented the building’s owners, Grubb Properties and New York Life, in the lease deal. JLL represented Bank of America, according to Charlotte Business Journal. Grubb Properties and New York Life have enhanced existing amenities at 525 North Tryon and added new ones, including a fitness center known as Club 525, bike storage room, free electric car shuttle, conferencing center and an electric car charging station. The owners are also in the final stages of securing LEED Silver certification at the building, which has already earned the EPA’s Energy Star designation.

January 30, 2017

Kentucky Office Southeast

CBRE Arranges Sale-Leaseback for New Thorntons Headquarters in Louisville

by John Nelson January 30, 2017

LOUISVILLE, KY. — CBRE has assisted Thorntons, a Louisville-based gas station and convenience store chain, in the sale-leaseback of its corporate headquarters and store support center, which is currently under construction off Old Henry Road in Louisville’s East End. Thorntons will occupy nearly 90,000 square feet of space at the build-to-suit property starting in April. Andrew Sandquist, Anne Rahm, J.C. Asensio, Briggs Goldberg, David Tropp and David Hardy of CBRE represented Thorntons, which currently operates 185 stores in Kentucky, Indiana, Illinois, Ohio, Tennessee and Florida. The buyer and sales price were undisclosed.

January 30, 2017

Office Top Stories

Capital One Arranges $534.9M Loan to Finance Starwood’s Acquisition of 34-Property Medical Office Portfolio

by Jeff Shaw January 30, 2017

GREENWICH, CONN. — Capital One Healthcare has arranged a $534.9 million loan to fund Starwood Property Trust’s (NYSE: STWD) acquisition of 34 medical office buildings in 12 states. The 1.9 million-square-foot portfolio includes properties in California, Colorado, Florida, Georgia, Illinois, Indiana, Nevada, New Jersey, New York, North Carolina, Tennessee and Texas. The seller and purchase price were not disclosed. “This strategic acquisition provides us with a safe, resilient income stream and the opportunity to participate in the stable long-term growth of the medical office building sector,” says Barry Sternlicht, chairman and CEO of Starwood Property Trust. The acquisition represents Starwood’s first entry into the medical office sector, according to commercial real estate research firm CoStar. The company will also take over management of the portfolio. Capital One Healthcare is a financial services provider serving the healthcare industry. It is a subsidiary of financial holding company Capital One Financial Corp. Starwood Property Trust is an affiliate of Greenwich-based private investment firm Starwood Capital Group. Starwood Property Trust’s stock price closed at $22.34 per share on Friday, Jan. 27, up from $18.64 one year ago. — Jeff Shaw

January 30, 2017

Georgia Office Southeast

Childress Klein, MidCity to Develop 370,000 SF Office Project in Atlanta’s Central Perimeter

by John Nelson January 27, 2017

SANDY SPRINGS, GA. — A joint venture between Childress Klein and MidCity Real Estate Partners has purchased 3.7 acres of land in Sandy Springs for the development of NorthPlace, a two-building office campus totaling 370,000 square feet. Situated within Atlanta’s Central Perimeter office submarket, the office development will sit at the intersection of Barfield Road and Mount Vernon Highway, one block from the new Mercedes-Benz U.S. headquarters and two blocks from the Sandy Springs MARTA station. Comprising a 250,000-square-foot building and 120,000-square-foot building, NorthPlace will offer signage visibility along Ga. 400. Childress Klein and MidCity will co-develop the property, and MidCity will oversee day-to-day construction responsibilities and will market the project to prospective corporate and medical tenants. A timeline for construction has not been announced at this time.

January 27, 2017

Loans Maryland Office Southeast

ACORE Capital Provides $46.6M Acquisition Loan for Office Portfolio in Metro D.C.

by John Nelson January 27, 2017

GREENBELT, MD. — ACORE Capital has provided a $46.6 million acquisition loan for Capital Office Park, a seven-property office portfolio totaling 806,531 square feet in the Greenbelt suburb of Washington, D.C. Cary Abod and Michael Gigliotti of HFF worked on behalf of the borrower, Morning Calm Management, to arrange the floating-rate loan. Located at 6301-6421 Ivy Lane, the portfolio is currently 60 percent leased to tenants including Bozzuto & Associates, Whiting Turner and the U.S. District Attorney’s Office. Morning Calm, who will be moving its primary office to Capital Office Park, plans to upgrade the property’s lobbies, elevators, windows and amenity spaces.

January 27, 2017

Industrial Office Texas

NAI Robert Lynn Arranges Three Property Sales Totaling 55,742 SF in Dallas, Fort Worth

by Amy Works January 27, 2017

DALLAS AND FORT WORTH, TEXAS — NAI Robert Lynn has brokered three separate sale transactions totaling 55,742 square feet of office and industrial space in Dallas and Fort Worth. In the first deal, 2408 Converse Street LP acquired 7,225 square feet of office and warehouse space at 1351 Crampton St. in Dallas. Robert Blankinshop of NAI Robert Lynn represented the undisclosed seller in the transaction. In the second transaction, Cantwell Industries purchased a 22,017-square-foot office building located at 2729 E. Loop 820 in Fort Worth. Todd Hubbard of NAI Robert Lynn represented the buyer, while Todd Hawpe of Transwestern represented the undisclosed seller. In the third transaction, Purchasing Solutions International acquired a 3,696-square-foot office building located at 1824 Eighth Ave. in Fort Worth. Colt Power of NAI Robert Lynn represented the buyer, while David Cason of Holt Lunsford represented the undisclosed seller in the deal.

January 27, 2017

New York Northeast Office

SL Green Sells 180,000 SF Office Property in Tarrytown, New York, for $21M

by Amy Works January 27, 2017

TARRYTOWN, N.Y. — SL Green Realty Corp. has entered into an agreement to sell an office building located at 520 White Plains Road in Tarrytown. An undisclosed buyer will purchase the 180,000-square-foot building for $21 million, or $117 per square foot. Jeff Dunne of CBRE represented the buyer in the deal, which is expected to close during the second quarter.

January 27, 2017

Loans Michigan Midwest Office

Arriba Capital Negotiates $17.3M Bridge Loan for Refinancing of Office Property in Southfield, Michigan

by Kristin Harlow January 27, 2017

SOUTHFIELD, MICH. — Arriba Capital has negotiated a $17.3 million bridge loan for the refinancing of Metro Office Complex in Southfield. Built in the late 1980’s, the four-building, 565,000-square-foot office complex will undergo comprehensive capital improvements by the borrower, a Toronto-based real estate investor. Nick Barbaria of Arriba Capital negotiated the fixed-rate, bridge loan.

January 27, 2017

California Office Western

Avid Center Buys Office Building in San Diego for $30.1M

by Nellie Day January 26, 2017

SAN DIEGO — Avid Center has purchased a 92,463-square-foot office building in San Diego for $30.1 million. The building is located at 9797 Aero Drive. The space recently underwent a $5 million repositioning. It is currently leased to Berkley Insurance and Vital Decisions. John Jarvis of Hughes Marino represented Avid, while Derek Hulse of Cushman & Wakefield represented the seller, Bixby Land Co.

January 26, 2017

Colorado Office Western

Fidelity National Opens Newest National Commercial Services Division in Colorado

by Nellie Day January 26, 2017

DENVER — Fidelity National Title Group (FNTG) has opened its newest National Commercial Services (NCS) division in Colorado. This division will combine the resources of several FNTG commercial brands under one roof, including Chicago Title, Fidelity National Title, Commonwealth Land Title and Heritage Title. The NCS Colorado division will be led by senior vice presidents Tony Matlock, Lance Capel, Darren Hone and Stephanie Taylor. Fidelity National Financial is the parent company to National Commercial Services, Colorado. It provides title insurance, mortgage services and diversified services.

January 26, 2017

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